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Japanese oil company Eneos acquires a 19% stake in a 35-MWp Vietnamese solar plant

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Eneos acquired the stakes from Shizen Malaysia Sdn Bhd

Japanese oil company Eneos’ subsidiary Eneos Vietnam has acquired a 19 percent stake in a 35-MWp solar plant in the country, media reports said. The stakes have been acquired from Shizen Malaysia.

Shizen Malaysia holds a 51 percent stake in the solar plant which is being operated by VKT-Hoa An Joint Stock Company. Located in Vietnam, the solar plant is called Hau Giang Solar Power Plant.

Vietnam has recently announced that renewable energy will account for three-quarters of its national power production capacity by 2045. During the United Nations Climate Change Conference 2021 (COP 26) last month, Prime Minister Pham Minh Chinh committed to reaching net-zero emissions by 2050. Authorities also hope to achieve 70 percent of actual production through renewable sources under its commitment.

Last year it was reported that Vietnam is set to double the use of renewable energy in the country by the end of this decade. The country is also planning to cut carbon emissions by 15 percent during the period by reducing the usage of coal. By the end of 2045, the country plans to cut emissions by 20 percent.

According to the Vietnamese government, renewable energy sources such as solar and wind will contribute 15 to 20 percent of the country’s total energy generation by the end of 2030. Currently, Vietnam produces around 10 percent of its energy from renewable sources.

Offshore wind energy in Vietnam has the potential to supply around 12 percent of its total electricity demand by 2035, according to a World Bank Group report. By exploring its offshore wind energy potential, Vietnam could avoid 200 million tonnes of CO2 emissions.

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